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White Knight For Flailing Knight: WSJ Reports Potential Bailout Merger In The Works
Earlier we said that Knight better sell itself today or it's lights out. Sure enough, here come the rumors via the WSJ:
Knight Capital is in talks with Virtu Financial, a big player in high-speed trading and "designated market maker" on the NYSE, about a potential merger or infusion of capital
And more from Dow Jones:
- WSJ: Knight in Discussions About Possible Deal With Electronic-Trading Firm Virtu — Sources
- WSJ: Talks Also Involve Silver Lake Partners, An Investor in Virtu — Sources
- WSJ: Talks in Early Stages and No Deal Guaranteed — Sources
- WSJ: Knight Also in Talks With Other Potential Funders, Partners — Sources
Will it happen? Maybe. Although we doubt it - why pay for equity value when one can pick up the functioning assets in a Chapter 363 asset sale which also sticks the creditors with all the crappy assets? Just like Barclays did with Lehman for millipennies on the dollar.
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Bonus time!!!
No doubt, we, the taxpayer, will back this "merger".
Virtu ? What? These guys can't even spell let alone justify the name. The name is not even catchy, it just makes me wanna gag.
There hasn't been "virtue" on Wall Street in long time.
Virtu-Knight=VK-ULTRA?
Bonus time for some. Millipenny time for others.
Fuck you Bernanke!
Before you criticize Benny-boy, you should walk a mile in his shoes. That way, when you criticize him, you're a mile away and you have his shoes.
Don't fuck Benny boy. He might be the only person left to bail-out the futures market if these futures accounts dont get transfered to a liquid clearing firm.
Thank you Brother Sebastian, that was great!
Kenny pasternack has wallet open......5 dollar bid soon....
then they can play ping pong? great.
Should be good for a little pop in their share price as the momos and headline reading bots catch knives.
Smart money buying a turkey that is so dead only the feathers have any value.
Captain America saves the day ...
All your base are belong to us
www.youtube.com/watch?v=qltugh-fFgg
tyler, you invariably call it with uncanny accuracy, it's fun watching the results come in time and again.
Some of the Largest Bagholders of Knight:
http://finance.yahoo.com/q/mh?s=KCG+Major+Holders
FIDELITY SMALL CAP DISCOVERY FUND apparently knows what it's doing.
Will it happen? Maybe. Although we doubt it - why pay for equity value when one can pick up the functioning assets in a Chapter 363 asset sale which also sticks the creditors with all the crappy assets? Just like Barclays did with Lehman for millipennies on the dollar.
Résumé flow may be the best tell here...
At least they are consistent with their HFT business model...nanosecond bankruptcy.
Blah blah blah, bailout, AIG, Lehman Bros,, Bear Sterns, Margin Calls, Fannie, Freddie, CorZine.
Just another day in Wonderland.
Didn't these guys watch Office Space? The penny and nickle skimming algo goes ape shit and the people that made it are lucky to get jobs digging ditches.
or drinking margaritas on the beach with too much salt
7.5 Billlion in cash on their balance sheet. What about that? Is it really not there?
hurling a hail mary to an empty field. great strategy. What's next? blaming the shorts?
A market maker being run by a HFT operation????!!!!
Good thing I faded that trade the NY Fed promoted for the days immediately preceding through the day after a Fed meeting. Bastards fleeced the sheep for nearly 3% on this trip.
http://www.newyorkfed.org/research/staff_reports/sr512.pdf
Knight had complained publically about the blatant Facebook scam. Look what's happened. First ruined via a "glitch", then made to disapperar via a "merger". A very odd sequence of events indeed.
Critical Lessons From The Facebook Scam: A Blast From The Past
nothing like a little sub rosa action to keep the house of cards from collapsing for another week or two.
Could it be a desperate attempt to keep the stock price afloat whilst insiders dump...
surely Jamie smells blood in the water
I hear there are some programmers looking for work?
Knight Capital is dead. Just need Mr. market to pull the final plug.